JULY 10TH: The Bulls have waived Hamilton, tweets Mike McGraw of the Daily Herald.

JULY 2ND: With Richard Hamilton's full salary for 2013/14 set to become guaranteed if he's not waived on or before July 10th, the Bulls will indeed release him before that happens, tweets Ken Berger of CBSSports.com. By cutting Hamilton, the Bulls will save $4MM, as only $1MM of his $5MM salary is guaranteed.

The move comes as no surprise, as the Bulls have shopped Hamilton multiple times in the past in the hopes of shedding his contract. With Chicago projected to be in luxury-tax territory next season, getting out from under $4MM of Hamilton's salary will actually save the Bulls significantly more than that in tax payments.

Mike Dunleavy figures to get not only some of the money the Bulls will save by cutting Hamilton, but also many of the minutes that the veteran guard would have played. Dunleavy agreed to a two-year contract likely worth the mini mid-level exception with the Bulls yesterday.

As Berger tweets, if he can be had for a reduced salary, Hamilton still represents a decent option for a contending team. Jared Zwerling of ESPNNewYork.com (Twitter link) expects the Knicks to at least kick the tires on the veteran shooting guard, who shares an agent (Leon Rose) with Carmelo Anthony.